No, it is not possible. Binary data is just that - an collection of bytes of (potentially) unknown format. What exactly are you trying to edit? You are talking about images? What do you want to achieve?

I would want to have all the image names listed with upload control corresponding to the name and once a single Upload button is hit, I want the all the image names along with the image to be inserted into the entity.

This is my requirement but I thought if the user could edit by replacing the old image with the new one using editable table.

There's a few things to keep in mind. First, uploading a file from the client to the server can only be done one at a time*. You need the Upload widget to do this. The Upload widget only works outside a Table Records, I'm not sure whether it works in en Editable Table. But the Editable Table doesn't seem like the right thing for the job anyway, given that you have a considerable lack of data to edit. That said, you could have link or button in the table, that opens a pop-up for uploading the image.

*As far as the platform is concerned, I've seen multiple upload widgets on other web site. Perhaps there's something in the Forge, but that's not what you want anyway.